WANdisco - Momentum in bookings and RPO

In its FY21 trading update, WANdisco (WAND) reported strong momentum in both its bookings and remaining performance obligations (RPO), up 17% and 92% y-o-y in FY21, respectively. Moreover, it saw strong trading in Q421 as it continues its transition to a consumption-based model, with the recent sales reorganisation appearing to bear fruit. Management expects FY21 revenues to be in line with current market estimates and cash to increase 32% y-o-y to $27.8m. With confidence in its growing pipeline, the momentum from recent partnerships and deals, and a shift to quarterly updates and more frequent communications to better inform investors, Q421 could mark an inflection point for WAND, and we will be watching this space closely.